Asian stocks drop ahead of next week’s Fed meeting
Japanese and Australian shares declined and equity futures for Hong Kong signaled losses after selling on Wall Street hit stocks and government bonds Thursday. The Nasdaq 100 slid 0.7% while the S&P 500 fell 0.5% as traders weighed higher-than-expected jobless claims against too hot producer price data.
In China, investors will be looking to gauge the market reaction to news that the government will borrow more money next year to support consumption in an effort to bolster the economy. Chinese officials said they would raise the fiscal deficit target next year following the two-day Central Economic Work Conference in Beijing, the state-run Xinhua News Agency reported.
Treasuries were steady after falling across the curve on Thursday, lifting the 10-year yield six basis points and the policy-sensitive two-year yield four basis points. Australian and New Zealand yields also rose early Friday.
An index of dollar strength was little changed, holding on to gains from the prior session, its fifth daily advance. The stronger dollar was helped along by higher Treasury yields, the prospect the Fed may pause its policy easing in early 2025, and rate cuts in Europe.
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